CT SB00467

Creates a new grant distribution system for state-owned property and college/hospital property effective July 1, 2015, based on municipalities' percentage of tax-exempt property on their grand lists.

Establishes three grant tiers: top 20 municipalities receive 50% of property taxes; next 20 municipalities receive 45%; all others receive 40%, with specific exceptions for correctional facilities (75%), Connecticut Valley Hospital (55%), and airports (40%).

Implements a four-year transition period (FY 2015-2019) phasing in the new formula by gradually replacing the old calculation method (80% old/20% new in 2015, transitioning to 100% new by 2019).

Provides floor protection ensuring no municipality receives less in grants than it did in FY 2014, adjusted for proration.

Requires the Office of Policy and Management to report annually through July 1, 2019, on grant distribution and recommend any needed changes.